Diluted HEPS increased by 6.5% y-y to 986cps (1H25: 926cps).
Revenue increased by 1.3% y-y to R17 906m, primarily driven by volume growth of 2.6% and price deflation of 1.3%.
Gross margin up by 230bps to 32.1%, driven by favourable raw material inputs, as well as CI initiatives.
Operating margin up by 220bps to 11.5%.
Operating expenses increased by 2.9% y-y with operating expense to revenue of 20.9% (1H25: 20.6%).
PBT margin decreased from 20.3% to 10.7%. This was due to unfavourable movements in non-operational items, higher finance costs, reduced income from associate, as well as the non-recurrance of profit on diposal of associate in the prior year base.
Dividend of 430.0cps (1H25: ordinary dividend of 415.0cps with special dividend of 1 216.0cps).
Cashflow from operations decreased by 40.7% to R1 744m.
Gross debt (incl. overdraft) increased from R600m to R2 253m, while gross cash decreased from R6 532m to R817m. Net debt-to-EBITDA increased from -1.42x to 0.29x.
All prior year reported figures have been restated for discontinued operations, specifically Chococam.
